COMPARing Car Loans interest rates
Many banks and financial institutions advertise cheap car loans on the television or in papers with low interest rates. However, the low interest rates offered may only apply for certain loans, so do not think that this will definitely be the loan you receive.
Some factors that alter these advertised rates are how much money you borrow, whether the money is for a new or used car, how many years you would like the loan to last, and your credit history. So you have to check this out before rushing off to apply for a loan.
Car Loan Calculator
Using a car loan calculator like the one on this website can help you to work out the cost of a loan more accurately. When you have quotes for car finance from different companies, you can calculate and compare the cost of the loan using their various interest rates offered combined with the term of the loan (how many years the loan must be for).When you have this information you can then add the application fees and other costs, to see which loan will be the cheapest.
Again, a car loan broker will do all of this for you and then present you with what they feel is the lowest cost loan for your situation. A good broker will save you both time comparing car loans, and money by offering proven low cost loans. So this is usually the recommended option.